Res20 15901 - Laserfiche WebLink

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10/26/2020 Council shall govern and shall not be subject to appeal pursuant to Section 9 hereof. For any given Fiscal Year in which there is no a Conditions Report for such Fiscal Year, unless otherwise agreed by the City and the Property Owners, the costs of capital repairs and replacement costs in the Maintenance Budget shall not increase from the previous Fiscal Year by more than the Escalator. In connection with the dissolution of the Maintenance District, the balance in the maintenance reserve being held by the Maintenance District, if any, shall be transferred to an interest-bearing account held by the City on behalf of the CFD to serve as the CFD's initial Maintenance Reserve for the both the Wet Utilities and the Existing Levees. In accordance with the terms of the Purchase Agreement, in connection with the City's acceptance of Facilities, unless otherwise waived or reduced by the Property Owners, the City, after consultation with the Property Owners, shall disburse to the Property Owners the excess of the balance in the Maintenance Reserve above the greater of (i) the projected capital repairs for the next two years for Wet Utilities as set forth in the then current Repair and Replacement Plan for the Wet Utilities, or (ii) three times the average annual projected capital repairs over the five year period for the Wet Utilities set forth in the then current Repair and Replacement Plan for the Wet Utilities ("Initial Acquisition Price Payment"). The balance remaining shall be put in the Maintenance Reserve for Wet Utilities. The initial Maintenance Reserve for Levees shall be in the amount of the projected capital repairs for the first two years set forth in the initial Repair and Replacement Plan for Levees and shall be funded through the Maintenance Budget process in the first year following acceptance of the Facilities by the City. Thereafter, the City shall maintain separate interest-bearing accounts for the Maintenance Reserve for Wet Utilities and the Maintenance Reserve for Levees. Maintenance Reserve funds in excess of anticipated maintenance, capital repairs and replacement costs for the next two-year period for Levees and/or Wet Utilities as provided for in the respective Repair and Replacement Plan can be used by the City Manager to reduce the applicable current year levy for Services Special Taxes for Levees and/or Services Special Taxes for Wet Utilities as provided for in Section 5 hereof. Any amounts of Services Special Taxes levied and collected in excess of the actual costs and expenses of the City providing the Services for Levees and Services for Wet Utilities shall be retained by the City and placed in the respective Maintenance Reserve accounts. The City Manager may apply funds in the respective Maintenance Reserve account to pay maintenance expenses incurred prior to the receipt of Services Special Tax revenues (in such case a like amount tax revenues, when received, shall be used to reimburse such Maintenance Reserve), to pay maintenance expenses in excess of such Fiscal Year's budgeted maintenance expenses, to pay maintenance expenses and Administrative Expenses that are in excess of actual annual Services Special Tax receipts (regardless of the cause of such deficiency), or to provide tax credits to Property Owners as described in the second preceding paragraph. Each Maintenance Reserve may be used to accumulate amounts for maintenance, capital repair and replacement and any Fiscal Year's budget may show a transfer from a Maintenance Reserve as a source of funds or a transfer to a Maintenance Reserve as a use of funds. ATTY/RESO.0121/CC RESO REDWOOD CITY ROI ESTABLISH RESO, NO. 15901 REV: 11-02-2020 MI MUFF N0. 506 Page 19 of 22